LAKE SUCCESS, N.Y.,
Feb. 16, 2011 /PRNewswire/ -- Astoria
Financial Corporation (NYSE: AF) (the "Company"), announced today
that Astoria Federal Savings, its wholly owned subsidiary, has
hired the multi-family/commercial real estate lending team formerly
with Sovereign Bank and its predecessor Independence Community
Bank, Brooklyn, New York.
Gary M. Honstedt, who will serve as Senior Vice President and
Director of Multi-family/Commercial Real Estate Lending, will lead
a team of six seasoned multi-family/commercial real estate
executives, who will spearhead the Company's re-entry into
multi-family lending in the New
York metropolitan area.
A graduate of Hawthorne
College, Mr. Honstedt was formerly President of the National
Commercial Real Estate Division of Sovereign Bank and Executive
Vice President of Independence Community Bank. He has more
than 30 years of expertise in multi-family/commercial real estate
lending and is a former member of the Board of Directors of
Meridian Capital Corporation and the Montague Street Business
Improvement District.
Commenting on Mr. Honstedt's appointment, George L. Engelke, Jr., Chairman and Chief
Executive Officer of both the Company and Astoria Federal said, "I
am very pleased that Gary will be joining the Astoria Federal team
to facilitate the resumption of multi-family lending this year."
Monte N. Redman, President and Chief Operating Officer of the
Company and Astoria Federal noted, "The extensive real estate and
lending experience Gary and his team brings will enable us to build
upon our already solid multi-family/commercial real estate
portfolio in a relatively quick fashion."
Astoria Financial Corporation, with assets of $18.1 billion, is the holding company for Astoria
Federal Savings and Loan Association. Established in 1888,
Astoria Federal, with deposits in New
York totaling $11.6 billion,
is the largest thrift depository in New
York and embraces its philosophy of "Putting people
first" by providing the customers and local communities it
serves with quality financial products and services through 85
convenient banking office locations and multiple delivery channels,
including its enhanced website, www.astoriafederal.com.
Astoria Federal commands the fourth largest deposit market
share in the attractive Long
Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding
that of 38 individual states. Astoria Federal originates
mortgage loans through its banking and loan production offices in
New York, an extensive broker
network covering sixteen states, primarily along the East Coast,
and the District of Columbia, and
through correspondent relationships covering seventeen states and
the District of Columbia.
SOURCE Astoria Financial Corporation